Leading technology services and consulting company Wipro Ltd on Thursday reported gross revenues of Rs 231.9 billion for the financial quarter ending March 31, 2023.
However, with net income for the quarter pegged at a,30.7 billion, even as the company's income increased 0.7 per cent QoQ, there was a 0.4 per cent decrease YoY.
As per the financial results announced, the company reported a QoQ revenue decrease of 0.2 per cent even as it registered a year on year (YoY) revenue increase of 11.2 per cent.
Total bookings were up by 29 per cent and large deal bookings were up by 155 per cent YoY, Wipro said.
Thierry Delaporte, CEO and Managing Director, said, "We closed FY23 with the strongest-ever bookings recorded in a year. We delivered two consecutive quarters of total bookings of over $4.1 billion. Our large deal order booking grew by 155 per cent year-over-year for the quarter. We are also pleased to announce our share buyback, which is part of our philosophy to deliver consistent returns to shareholders."
The Board of Directors approved a buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the Company of up to 269,662,921 equity shares of Rs 2 each (being 4.91 per cent of total paid-up equity shares) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of Rs 445 ($5.411) per equity share for an aggregate amount not exceeding Rs 120 billion ($1.5 billion), in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder.
Earnings Per Share for the quarter was at Rs 5.61 an increase of 0.7 per cent QoQ and decrease of 0.5 per cent YoY while Earnings Per Share for the year was at Rs 20.73, a decrease of 7.2 per cent YoY.
Jatin Dalal, Chief Financial Officer, said, "We continue to maintain our focus on operational improvements and productivity enhancements which led to our IT services margin exit at 16.3 per cent in Q4 despite macro headwinds. We generated strong operating cash flows at 121 per cent of our net income for the Quarter."
On its outlook for the Quarter ending June 30, 2023, the company expects revenue from its IT Services business including India State Run Enterprise (ISRE) segment to be in the range of $2,753 million to $2,811 million. This translates to sequential guidance of -3.0 per cent to -1.0 per cent in constant currency terms.